IRS Announces 401(k) Contribution Limit Increases for 2020, and more - November 12, 2019 News

by MICPA | Nov 12, 2019   ()

IRS Announces 401(k) Contribution Limit Increases for 2020
Employees participating in a 401(k) plan will be able to contribute up to $19,500 next year, up from $19,000. Additionally, the catch-up contribution increased by $500 as well, to $6,500 in 2020. While the key limit remains unchanged, eligible income ranges for deductible contributions to Individual Retirement Arrangements were also adjusted.
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Let’s Get Clear on Cannabis
Michigan’s recreational marijuana law raises important questions for employers, including whether they need to adapt company policies to align with the current law. In Michigan, the answer is clear—but perhaps only for the moment. Read more about the HR implications of the marijuana legislation in this article from James Baiers of Trion Solutions, and join Baiers in person at the MICPA’s half-day Cannabis Summit on Dec. 5. If you are serving clients in the marijuana industry, or are considering this new practice area, enroll in this must-attend event to learn about managing risk, professional liability concerns, the latest in regulation and more.
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Michigan Treasury Accepting Grant Applications for Financially Distressed Cities, Villages and Townships
Any Michigan city, village or township experiencing at least one condition of “probable financial distress,” as detailed by the Local Financial Stability and Choice Act, may apply for up to $2 million of aid. The grant may be used for projects or services specifically targeted at improving a community’s financial stability. A total of $2.5 million is available for the 2020 fiscal year.
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Michigan Treasury Reminds Active Military and Veterans of Potential Tax Benefits
Ahead of Veteran’s Day on Nov. 11, the Michigan Department of Treasury published a list of grants and tax benefits available to eligible members of the military and veterans. These benefits include tuition grants, property tax exemptions for disabled veterans and tax relief for active military service, among others.
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Tax Inflation Adjustments for the 2020 Tax Year are Available
The IRS released the 2020 annual inflation adjustment for over 60 tax provisions, including steeper penalties for failure to file and increases to the standard deductions for all taxpayer types. Further adjustments addressed include the Alternative Minimum Tax, out-of-pocket medical expense limits and the foreign earned income exclusion.
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Sales Tax Nexus Post-Wayfair: Addressing the Risks
Over a year has passed since the landmark Supreme Court decision in South Dakota v. Wayfair, Inc., which fundamentally changed the sales tax nexus landscape in the U.S. Now the wait is over to see how states will respond as nearly every state has adopted economic nexus laws or guidance, with the last states implementing economic nexus for sales tax purposes this fall, reports Accounting Today. Seven states, including Texas and Massachusetts, adopted economic nexus as of Oct. 1, 2019 and Oklahoma will implement economic nexus as of Nov. 1, 2019. For practitioners who have clients not yet compliant with the new sales tax nexus rules, now is the time to get them current. And for those with clients already filing in states with economic nexus, it is essential to reflect on the new risks and how to minimize potential liability, especially as the threat of increased audit activity looms.
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Call for Nominations – Accounting Teaching Excellence Award
Do you know an accounting professor who should be recognized for outstanding teaching and promoting the accounting profession? Nominations for the 2020 MICPA Accounting Teaching Excellence Award may be submitted by December 15
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Creating the Next Generation of CPA Leaders
See how the AICPA’s Leadership Academy is equipping the next generation of leaders with the skills and tools to navigate a changing profession, adapt to new technological challenges and to bring fresh talent with them.
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Taking Control of Your Business Security Ahead of Tax Season
In an era when cyberattacks occur so frequently, it’s crucial to be educated and proactive about protecting your firm. Just how big of a problem is cybersecurity for accountants? At first glance, it appears that outright cyberattacks are rare. However, reports Accounting Today, there are many other ways that accountants can have their data compromised — and it is critical that you stay ahead of the threats that are focused on stealing what is most important to your business — your clients’ data and funds.
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Podcast: Improve Company Culture and Success — Through Privacy?
In the latest Go Beyond Disruption podcast episode, listeners learn how to build a privacy culture that helps ethical companies generate employee loyalty, which translates to customer loyalty.

FASB Chairman Discusses Retirement from Board, Advocates for XBRL
At a recent investor forum in New York City, FASB Chairman Russell Golden emphasized the importance of XBRL to financial reporting. Among the topics he covered were actionable analytics and the role of XBRL and GAAP Taxonomy in financial reporting and standard setting. Golden will retire on June 30, 2020, marking the end of a decade of service on the board.
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Source: MICPA
Source: MICPA

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